Estonian kroon slightly off 5-day low against dollar

By IBT Staff Reporter On 04/07/09 AT 3:39 AM

The Estonian kroon gained ground after hitting a 5-day low of 11.7320 against the US dollar at 1:05 am ET Tuesday. The kroon that closed Monday's New York deals at 11.6620 against the dollar is currently trading at 11.70. The next upside target level for the Estonian currency is seen around 11.39.

The Estonian kroon is pegged to the European single currency since January 1, 1999. The reference rate for the euro-kroon pair is at 15.6466.

The Statistics Estonia said today in a report that the consumer price index or CPI rose 2% year-over-year in March, slower than the 3.4% increase in the previous month.

Month-on-month, the CPI declined 0.5% in March, compared to a 0.3% fall in the previous month. This was mainly due to fall in heat energy prices by 7%.